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Bitcoin Regulation and Bitcoin Tax in Iceland

Iceland is a wonderful country, free and with some great sights such as the Northern lights and geothermal pools to swim in and a generally much more free government than many countries. It is also a country where Bitcoin mining occurs in some of the largest data centres yet the government according to Reddit, has decided, “It is prohibited to engage in foreign exchange trading with the electronic currency Bitcoin, according to the Icelandic Foreign Exchange Act.” Also translated a is a written response from the Central Bank of Iceland to Morgunblaðið which states that “the Foreign Exchange Act specifies general restrictions on foreign exchange trading and capital movements between countries.” Notably it does not appear that “the provisions of the Act that exempt goods and services from the aforementioned restrictions can be applied to trading in Bitcoin or that other exemptions from restrictions of the Act apply to such transactions,” Indicating that there are no restrictions on Icelandic residents owning or trading Bitcoin within Iceland. It would seem the purpose is to halt the removal of Bitcoin from Iceland as part of restricting the flight of Capital out of Iceland. This is probably to prevent a reoccurrence of the 2008 crisis in Iceland.

However, on 12 March 2017, the Central Bank amended the rules allowing for exemptions being granted from the restrictions of the Foreign Exchange Act No. 87/1992

There are a number of exchanges in Iceland where one can buy and sell Bitcoin. is a Bitcoin marketplace connecting buyers with sellers. Opening an account with Paxful is simple and the system is easy to use. Simply select how you want to pay and type in how much Bitcoins you need. Paxful accept 300 various methods of payment to buy Bitcoin.

Bank transfer from any bank Various banks and banking systems
Credit Card Amazon Gift Card
Interace Transfer
Steam Wallet Card
iTunes Gift Card

Are just a few of the 300 methods of deposit.

Paxful makes their money on seller fees. The buyer pays nothing. The seller will pay 1 percent of the transaction. This does not include the Bitcoin fee which goes to the miners. is an exchange that offers Bitcoin and three other cryptocurrencies as well as a range of standard fiat currencies and one can open an account and exchange any currency for another. Interestingly they also include gold as a currency. SpectroCoin offer their website in ten languages. They offer a variety of methods of depositing funds to buy Bitcoin including the usual bank facilities and credit card methods, also Skrill and Neteller and many others. Fees vary depending on amount deposited and from where. Most are zero but can be up to 2 percent. SpectroCoin has a registered address in London, UK but is run from Lithuania. The KYC is very minimal.

And of course there is the peer to peer method, where any individual can buy/sell Bitcoin with another person.

Although the Icelandic government has prohibited Bitcoin from being moved off shore this is difficult to enforce with a decentralised and largely anonymous currency. An Icelander only has to register with an offshore exchange and then transfer his Bitcoin into the wallet set up on that exchange and then use it for some purpose off sure. There are banks off shore that accept Bitcoin in exchange for fiat currency. This article will be updated as news unfolds. This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.